1. Which segmentation divides the market into groups based on not-so-visible characteristics, such as personality traits, lifestyles and attitudes ?

A. Behaviouralistic B. Psycho graphic C. Geographic D. Life Style E. None of these

2. All marketing efforts towards one well-defined segment of the population is known as _________

A. Niche B. Targeting C. Channeling D. Pitch E. Reach

3. ‘Bad money drives out good’ is a monetary principle of______

A. Stylized Fact B. Say’s law C. Okun’s Law D. Gresham’s law E. None of these

4. Which of the following relate unemployment rate with GDP ?

A. Okun’s law B. Iron Law of Wages C. Hotelling’s Law D. Gresham’s law E. Say’s law

5. The Segmentation based on age, income, family size, socio-economic status is known as

A. Generational segments B. Demographic segmentation C. Psycho graphic segmentation D. Geographic segmentation E. Attitudinal segmentation

Answers and Explanations
1. Answer - Option B
Explanation -
Psycho graphic segmentation involves dividing your market into segments based upon different personality traits, values, attitudes, interests, and lifestyles of consumers. This segmentation is advantageous because it allows you to engage in product design and marketing in a focused manner.
2. Answer - Option A
Explanation -
A niche market is the subset of the market on which a specific product is focused. The market niche defines as the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that is intended to impact. It is also a small market segment.
Example: Nano Car
3. Answer - Option D
Explanation -
In economics, Gresham’s law is a monetary principle stating that “bad money drives out good”. For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will disappear from circulation
4. Answer - Option A
Explanation -
Okun’s law states that a one point increase in the cyclical unemployment rate is associated with two percentage points of negative growth in real GDP.
5. Answer - Option B
Explanation -
Demographic segmentation according to demography is based on consumer- demographic variables such as age, income, family size, socio-economic status, etc

1. According to Maslow’s hierarchy, customer needs categorised into how many types ?

A. 3 B. 4 C. 5 D. 6 E. None of these

2. Comparing one’s business processes and performance metrics with other companies processes and performance is known as ________

A. Strategy B. Analysing C. Researching D. Benchmarking E. V

3. MDSS stands for ___________

A. Marketing Demand Support System B. Multiple Decision Support System C. Money Decision Supply System D. Marketing Distribution Support System E. None of these

4. Which law states that ‘supply creates its own demand’ ?

A. Stylized Fact B. Say’s law C. Okun’s Law D. Gresham’s law E. None of these

5. Which segmentation is based on knowledge, attitudes, uses and responses to the product ?

A. Behaviouralistic B. Psychographic C. Demographic D. Socio-Cultural E. None of these

Answers and Explanations
1. Answer - Option C
Explanation -
Maslow’s hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper.Maslow categorized customer’s needs into 5 types

1. Physiological needs : food , drink , sleep 2. Safety needs : protection from threatening situation and economic security. 3. Social needs : friendship , affection and sense of belonging 4. Esteem needs : self respect , recognition , status and success 5. Self – actualization : self – fulfillment.

2. Answer - Option D
Explanation -
Benchmarking is comparing one’s business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
3. Answer - Option B
Explanation -
A marketing decision support system (sometimes abbreviated MKDSS) is a decision support system for marketing activity. The system is used to help businesses explore different scenarios by manipulating already collected data from the past events.
4. Answer - Option B
Explanation -
The Say’s law of markets is an economic rule that says that production is the source of demand. According to Say’s Law, when an individual produces a product or service, he or she gets paid for that work, and is then able to use that pay to demand other goods and services.
5. Answer - Option A
Explanation -
Behavioural segmentation divides the market into groups based on their knowledge, attitudes, uses and responses to the product. The following are commonly applied behavioural segments

1. Who developed the Marketing 4Ps model or Marketing Mix ?

A. Karl Max B. Amartya Sen C. Adam Smith D. Jerome McCarthy E. None of these

2. SWOT Analysis is a tool for auditing an organization and its environment. In SWOT, T denotes

A. Trends B. Threats C. Technology D. Trading E. None of these

3. Which of the following is the non-physical part of the product ?

A. Machines B. Warranty C. Goods D. All of these E. None of these

4. ________ is focuses on customer needs

A. Marketing B. Selling C. Advertising D. Branding E. None of these

5. MkIS stands for

A. Marketing Investment System B. Marketing Information System C. Management Information System D. Manging Investment Segment E. None of these

Answers and Explanations
1. Answer - Option D
Explanation -
A marketing expert named E. Jerome McCarthy created the Marketing 4Ps in the 1960s. This classification has been used throughout the world. Business schools teach this concept in basic marketing classes. The marketing 4Ps are also the foundation of the idea of marketing mix.
2. Answer - Option B
Explanation -
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is a tool for auditing an organization and its environment.
3. Answer - Option B
Explanation -
The Augmented product is the non-physical part of the product. It usually consists of lots of added value, for which you may or may not pay a premium. So when you buy a car, part of the augmented product would be the warranty, the customer service support offered by the car’s manufacturer and any after-sales service.
4. Answer - Option A
Explanation -
The purpose of marketing is to fulfill the needs of the customers while selling focuses on seller needs.
5. Answer - Option B
Explanation -
A marketing information system (MkIS) is a management information system (MIS) designed to support marketing decision making. Jobber (2007) defines it as a “system in which marketing data is formally gathered, stored, analysed and distributed to managers in accordance with their informational needs on a regular basis.”